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With NVIDIA due to report another highly crucial earnings results later today, data shows that insiders have sold as much as $1.6 billion in stock over the year heading into the results. Investor hype surrounding NVIDIA's shares and its ability to drive the AI revolution has meant that the stock become the most valuable in the world multiple times ahead of last month's DeepSeek selloff. However, since then, NVIDIA's shares have failed to regain their lost glory as investors remain on the sideline to gauge demand for its products before buying more stock.
NVIDIA Stock Down By 8.4% Year-To-Date Heading Into Q4 Earnings Report
Since OpenAI publicly released ChatGPT, NVIDIA's shares have been on a tear and have been among the top performers on Wall Street. Since November 2022, they have gained 678% and led to many of the firm's employees becoming millionaires. The richest NVIDIA employee is CEO and founder Jensen Huang who owns 3.5% of the shares of the company that he set up in 1993. Huang is the 13th richest person in the world and is currently worth $113 billion.
NVIDIA, on the other hand, is worth $3.1 trillion and is the second most valuable company in the world. Ahead of it is Cupertino, California, consumer technology giant Apple Inc, which leads by $600 billion on the market capitalization pyramid and is worth $4.7 trillion.
However, NVIDIA sat at the top of the pyramid in January before the DeepSeek selloff recalibrated the stock market. Its shares lost 17% during the day, and while they have gained 6.9% since the DeepSeek bottom, the stock is yet to reach its previous highs.
The firm's upcoming earnings report is expected to set the tone for its GPU demand and Blackwell availability for the rest of the year. So far, the consensus among investors is that Blackwell deliveries have been pushed into the second half of the year. NVIDIA's shares reflect the unease, as they have lost 9.62% in the days heading into the earnings.
NVIDIA insiders also appear to have sold billions of dollars of stock over the year heading into the earnings. As per data shared on X, they have sold $1.6 billion of stock heading into earnings. Some notable sales include those by NVIDIA CEO Jensen Huang and chief financial officer Collette Kress.
For instance, Huang sold $8.62 million of shares in mid-December when the stock was trading at $135 while Kress cumulatively unloaded $18.62 million worth of shares on the same day. Another notable insider that has sold the stock is NVIDIA's field operations lead Ajay Puri who has sold more than $40 million worth of shares.
NVIDIA's less-than-stellar share price performance ahead of the earnings has made the stock quite cheap, according to investment advisory Evercore ISI. In a fresh investment note, the firm kept a $190 share price target and an Overweight rating on the shares as it shared that with a 30x forward-price-to-earnings multiple, NVIDIA's shares were the cheapest in its AI coverage universe.
BREAKING: In the last year, Nvidia, $NVDA, insiders have only sold.
They have sold up to $1,602,674,927.72 in stock.
There have been zero buys. pic.twitter.com/W9wLfEAiu0
— unusual_whales (@unusual_whales) February 26, 2025
About the author: Ramish is a seasoned technology writer and editor with more than a decade of experience. He specializes in semiconductor fabrication and market analysis. With a background in finance and supply chain management - via his bachelors in Finance and a micromasters in supply chain management from MIT - Ramish combines financial rigor with deep industry insight to deliver accurate and authoritative coverage.
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